Sponsored by Reps Galvez, Ivory, et al., and signed into law in 2011 by Gov. Gary Herbert, HB317 (The Specie Legal Tender Act) recognizes gold and silver coins issued by the federal government as legal tender in the state and exempts the exchange of the coins from certain types of state tax liability. In combination with the 2012 amended legislation HB157 (PDF), Utah’s new sound money policy lets individuals use gold and silver bullion in the same way as they would cash for transactions and also currency exchanges. Individuals will be able to get fair market value for metal in a trade for cash, or may start depositing or making purchases with it.